Bank of Bangladesh found a backdoor in its system again; $100 million USD loss

A new cybersecurity incident could severely affect Bangladesh Bank. This time, the presence of a dangerous malware variant capable of seriously compromising the bank’s networks has been detected. The Bangladesh Computer Council confirmed the incident recently, in a letter to the bank.

“We try to inform the bank about some recently detected security risks; if the necessary measures are not taken, multiple risk scenarios could be presented,” says the Director of the Council. The alert was presented to Bangladesh Bank in recent days.

The malware detected by the Council was used as an access point for hackers, as well as for data theft and fraudulent transfer. Just a few months ago, the Council issued a similar warning, hoping that the bank would take the necessary steps to mitigate the risk of a massive cyberattack.

Cybersecurity incidents have increased significantly over the most recent few years. In 2016, for example, losses generated from these criminal activities exceeded $100 million USD, mainly due to the presence of a backdoor on the bank’s networks. In addition, the Bangladesh Bank team reports ongoing attempts at malware infection on their systems, so it is considered a frequent target of threat actors.

The main cause of cybersecurity incidents in Bangladesh Bank are security flaws in their networks, which are exploited by hackers to be able to inject a variant of ransomware. However, bank executives have had no problems with retrieving your information after paying the ransom and getting the decryption keys.